Microsoft set to announce Next-Gen Xbox on May 21st

Microsoft has confirmed that it will be holding an event on Tuesday, May 21st at 10am PST to unveil its next-generation Xbox, commonly referred to as Durango or Xbox 720 which is expected to \ herald the arrival of Microsoft’s comprehensive home entertainment strategy, offering significant leaps in graphics processing power, interactive streaming media, and a new, more powerful Kinect.

According to the company, the event, which will take place at the company’s Redmond, Washington Campus will only serve as an initial “taste,” with its larger lineup of games for being unveiled at the E3 show a few weeks later.

The event comes just a few short months after Sony debuted the PlayStation 4 at a special event in New York City.

In an official statement, the company intimidated, “On Tuesday May 21st, we’ll mark the beginning of a new generation of games, TV and entertainment. On that day, we’ll be holding a special press event on the Xbox campus and we invite you to join us via the live global stream that will be available on Xbox.com, Xbox LIVE and broadcast on Spike TV if you are in the US or Canada.

“On that day, we’ll share our vision for Xbox, and give you a real taste of the future. Then, 19-days later at the Electronic Entertainment Expo (E3) in Los Angeles, we’ll continue the conversation and showcase our full lineup of blockbuster games.”

Earlier this month Microsoft insider Paul Thurrott fingered May 21 as new Xbox day, adding that the premium version will cost $500, possibly joined by a $300 scaled back version and/or subsidized with a subscription, smartphone-style. Thurrott also said Microsoft is planning a cheaper $100 Xbox 360 to keep that end of the business lively a bit longer, and he confirmed rumors that the new Xbox, as he put it (citing his notes) “must be Internet-connected to use.”